Fintech firm Nayax starts trading on TASE after IPO of shares

The provider of cashless payment services says it raised NIS 430 million ($130 million) in share sale, which values the firm at $930 million

Shoshanna Solomon is The Times of Israel's Startups and Business reporter

Nayax is a provider of cashless payment services (Courtesy)
Nayax is a provider of cashless payment services (Courtesy)

The shares of fintech firm Nayax start trading on Thursday on the Tel Aviv Stock Exchange after the provider of cashless payments services raised NIS 430 million ($130 million) in an initial public offering of shares on the exchange.

The company said it sold 63.5 million ordinary shares at a price of NIS 10.50 a share, valuing the firm at $930 billion, it said in a statement.

Nayax will use the funds to expand its activities to new markets and for merger and acquisition activities, the statement said.

The company has also granted its underwriters a 30-day option to buy an additional 9.53 million ordinary shares at the initial public offering price, which will enable it to raise added funds.

Founded in 2005 by David Ben-Avi and Yair Nechmad, Nayax employs more than 400 workers, 270 of them in Herzliya, Israel, and has 11 offices in nine countries.

As the use of cashless payments rises around the world, the firm supplies stores with customized cashless payment systems including credit card readers, a variety of payment methods, a mobile wallet app and management systems for stores. Customers pay a monthly fee for the use of its systems and the clearance of transactions.

The company serves more than 370,000 sales points around the world via 35 distributors, according to a statement. Its payment solutions are available in 40 currencies and the firm collaborates with international financial bodies such as American Express, Mastercard, VISA and PayPal.

Nayax is also a licensed payment institution in Europe.

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